Research

Rare Earths Are Abundant - Breaking China's Grip Is Possible

Microsoft 3FQ25: AI re-platforming delivers results

Meta and the great re-platforming: guide increased for capex, lowered for expenses

KLA 3FQ25: strong quarter & guide. Tariff risks keep us cautious. Neutral, $710 Target Price.

DoD Plan

Quick Hit: AMX cuts capex guidance by 10% - implications across the LatAm telco space. Brief thoughts

Waymo & Toyota partnership - Our take.

Pentagon Floats Spectrum Plan

Tariffs: Autos, Industrials, and Infineon

Totalplay (HY) - Q1 25: Slower trends but relatively decent

Tokyo Electron 4FQ25: back-end weighted FY26guide at risk. We are cautious. Neutral, ¥22,975.

Indus Towers – Q4 FY25 Quick Take: Stronger growth as situation normalises, but no shareholder remuneration announcement

Global EM Telcos & Towers – Still rising – NSR GEM Top-10 May ‘25 Update

CCI 1Q25 Quick Take: Strong results; upgrade to Buy

Telkom Indonesia – Q1 25 Quick Take: Margins challenged by weaker topline; limited signs of recovery

META: Absorbing the headwinds, more clarity on AI returns

META: Where does the AI trade go from here? Takeaways from LlamaCon

AMX (Buy, TP: $22, +30%) - Q1 25 – Slower but decent; FY25 capex expected at $6.7bn

Tariffs & TSMC: the baseline & what’s next.

TeleColumbus: Q4 results and 2025 outlook – Bullish thesis intact